Debt coverage
| Debt coverage / € million | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| EBITDA adjusted 1) | 2,943 | 882 | +2,061 | – |
| Operating interest balance | –689 | –558 | –131 | +23.5 |
| Original tax expenses 1) | –28 | –31 | +3 | –9.7 |
| Operating cash flow after taxes 1) | 2,226 | 293 | +1,933 | – |
| Net financial debt as of Dec 31 | 32,574 | 33,953 | –1,379 | –4.1 |
| Pension obligations as of Dec 31 | 3,318 | 3,492 | –174 | –5.0 |
| Hybrid capital 2) as of Dec 31 | 1,001 | 1,001 | – | – |
| Net liabilities as of Dec 31 | 36,893 | 38,446 | –1,553 | –4.0 |
| Debt coverage 1) (%) | 6.0 | 0.8 | +5.2 | – |
1) Figure for 2023 adjusted due to the reclassification of DB Schenker.
2) As assessed by the rating agencies, half of the hybrid capital reported in the balance sheet is taken into account when determining the net debt.
The debt coverage (including the net debt of the discontinued operation DB Schenker) increased significantly as of December 31, 2024, above all due to the profit development:
- Operating cash flow after taxes increased as a result of the improved operating profit.
- The decrease in net debt resulted largely from lower net financial debt.
Taking into account a complete adjustment of DB Schenker, this results in a debt coverage of 6.4% (previous year: 1.2%).
Taking into account a complete adjustment of the IFRS 5 reclassifications, the debt coverage is 10.3% (previous year: 5.2%).